From Deseret News archives:
High gas prices going higher
And they're fueling boost in consumer prices
High gas prices are here, likely will be here for the foreseeable future and should soon start impacting consumer spending on a broader scale, if they haven't already, according to a report released Tuesday by Wells Fargo Bank.
The July Wasatch Front Cost of Living Report showed a 0.3 percent increase in consumer prices, led by a 1.7 percent jump in transportation prices. All other categories held steady, save for a 0.3 percent decline in the price of groceries.
The Utah report showed more steadiness than the national consumer prices report, also released Tuesday. The U.S. Labor Department's Consumer Price Index showed a 0.5 percent spike in July, the biggest increase in three months. Overall inflation for the month was driven higher by a 3.8 percent jump in energy costs, according to the Labor Department report. Gasoline prices rose 6.1 percent in July, while food costs increased 0.2 percent, the department reported.
While current data doesn't indicate that gas prices have significantly affected consumer spending, Wells Fargo executive vice president Kelly K. Matthews said there are signals that it's only a matter of time.
"Perhaps the biggest evidence yet from an aggregate economic point of view was the July consumer confidence survey, which declined abruptly," Matthews said Tuesday. "Now, can I prove that all of that is due to gas prices? No. There's probably worries about the war and whatever else. But my impression is that we will see some clearer evidence in terms of consumer spending habits with gasoline prices where they are now, or where they may continue."
AAA Utah reported Tuesday that gas prices continue to set daily records. The average price of a gallon of regular unleaded gasoline in Utah was $2.40 at last count, AAA reported. That was a 2 cent jump over Monday's price, and up 50 cents from a year ago.
Nationally, AAA reported that the average price for a gallon of gasoline was $2.54, 4 cents higher than Monday's price and 66 cents more than the year-ago price.
All of the Utah cities surveyed by AAA reported increases. Salt Lake City reported a 7 cent jump over the last month, to an average price of $2.33 per gallon, while the average per-gallon price in Provo jumped 10 cents to $2.33. St. George reported a 9 cent increase over the last month, to an average price of $2.42.
Comments
- Tigers vs. Miners by the numbers 2:32 a.m.
- Springville vs. Dixie by the numbers 2:25 a.m.
- Wasatch vs. Juan Diego numbers 2:22 a.m.
- Mustangs vs. Tbirds by the numbers 2:02 a.m.
- Nuggets win after clock review 1:41 a.m.
- Robbery ends poorly for one suspect 1:20 a.m.
- Wednesday on TV 12:59 a.m.
- Integration is possible on TV 12:59 a.m.
- Herbert talks land issues in D.C. 12:59 a.m.
- Developer looking to buy RSL share 12:58 a.m.
- Utah group finds homes for orphans
- Pratt pleads not guilty to sex charges
- Y. tight ends talented tandem
- Jazz blow big lead, hang on
- Utes get extra motivation
- Senators want food tax restored
- Hair-pulling raises more questions
- Lobo land like home for BYU lineman
- BYU soccer incident still popular
- U. hopes to keep clicking
- House passes health care bill
265 - TCU showdown has big implications
188 - Lobo suspended
185 - Cougars crush hapless Cowboys
155 - Senators want food tax restored
152 - Utah Jazz fall apart against Kings
131 - TCU 4th in AP poll; U. 16th, Y. 22nd
119 - No 'backlash' for pioneers, gays analogy
105 - S.L. vote pending on gay protections
104 - Utes pound winless Lobos
89
Maybe someone out there can help me understand how raising the state...
Glad that he's finally going to be scouting how to beat TCU. Seems to...
Too anyone who whines about people who EARN high salaries; when was the last...
Don't know bout all that "Texas" stuff, but I'm here to tell you people, that...
Gorbachev was a brilliant leader and single most important individual in...
It buys votes from every irresponsible, lazy American in order to keep the...
My fear is the damage to the economy adding trillions of dollars to the...
I don't know, Ak can be horrible too, there are those times when he only...
Utah 24, TCU 21
You are so right about the BS of these 3 radio clowns!
And some of you out there could care less if we give up our freedoms as long...



You can be the first to comment on this story.